Johnston Press has confirmed that it plans to file for administration. But it says, pending court approval, its lenders will buy the firm and trading will continue as normal.
"It is envisaged that, subject to the orders being made, all of the Group's businesses and substantially all of the Group's assets will then be sold to a newly-incorporated group of companies controlled by the holders of the Bonds. Holders representing the required majority of the Bonds have contractually agreed to support this transaction. The Group believes this is the best remaining option available as it will preserve the jobs of the Group's employees and ensure that the Group's businesses will be carried on as normal. The Group hopes that this transfer will be completed within the next 24 hours," it says.